A former Royal Bank of Canada employee and three other Toronto-area residents have been charged with fraud, after allegedly raising about $10.5-million through a business loan scheme.
Investigators allege that the former bank manager worked with others to solicit “unwitting borrowers” to apply for loans under the Canada Small Business Financing Loan, a government-supported program that assists small businesses with leasehold improvements. Fake lease agreements and invoices were allegedly created to ensure the loans were accepted.
Ms. Galinaitis said the alleged conduct occurred after the end of Mr. Nanavati’s employment at RBC. “We take allegations of fraud seriously and RBC does not tolerate infractions of the law. We reported this matter to the police in January 2021 and have been co-operating with them,” she added.
....funny to me how folks with a good profession....probably decent income....always want more money! .....or they are on their fourth divorce! Cheers!